Bitcoin Price Falls Below $123,500 Amid Resistance at $124,000
Bitcoin Price Update
- Bitcoin's price corrected from recent gains, trading below the $125,000 pivot.
- The current price is under $123,500 and the 100-hour SMA.
- A bullish trend line provides support at $122,200 on the hourly BTC/USD chart.
- If it falls below $122,000, further declines are possible.
Recent Movements
- Bitcoin extended above $125,000 but faced resistance around $126,198.
- The price corrected to a low of $120,694 before recovering above the 50% Fibonacci level of the recent decline.
- Bears remain active near $124,000, with immediate resistance at $123,450.
- Further resistance levels are at $124,850 and potentially $126,200 if upward momentum continues.
Potential Downside
- Failure to break $124,000 could lead to a decline.
- Immediate support is at $122,000, with major supports at $121,200 and $120,500.
- If losses continue, Bitcoin might test $118,500 or even $116,800.
Technical Indicators
- Hourly MACD is slowing in the bullish zone.
- Hourly RSI for BTC/USD is below 50.
- Key support levels: $122,000, $121,200.
- Key resistance levels: $124,000, $124,850.